HR 1937

2	House Resolution
3	A resolution requesting the Congressional Delegation of
4	the State of Florida to support federal legislation to
5	authorize Lifetime and Retirement Savings Accounts.
6
7	WHEREAS, the personal savings of working Americans continue
8	to decline and are now at dangerously low levels, and
9	WHEREAS, the personal savings of working Americans are not
10	enough to pay for current catastrophic expenses or to supplement
11	the modest benefits derived from social security, and
12	WHEREAS, savings provide the financing of new capital
13	investment and job creation, which in turn increases the
14	standard of living for all Americans, and
15	WHEREAS, the double taxation of savings and the intricacy
16	of current savings incentives are so burdensome and complex that
17	many working Americans are not participating in a savings
18	program, and
19	WHEREAS, authorization of Lifetime Savings Accounts would
20	allow Americans to contribute up to $7,500 a year and to make
21	penalty-free withdrawals at any time for any purpose, and
22	WHEREAS, authorization of Retirement Savings Accounts would
23	allow Americans to contribute up to $7,500 a year and to make
24	penalty-free withdrawals after a participant reaches age 58, and
25	WHEREAS, authorization of Lifetime and Retirement Savings
26	Accounts would eliminate the double taxation on savings, would
27	simplify existing savings programs, and would thereby encourage
28	increased participation, and
29	WHEREAS, eliminating the double taxation on savings and
30	simplifying current incentives would boost savings for all
31	Americans, which would enhance the economic security of working
32	families, NOW, THEREFORE,
33
34	Be It Resolved by the House of Representatives of the State of
35	Florida:
36
37	That the House of Representatives of the State of Florida
38	requests our elected Representatives and Senators in the United
39	States Congress to support federal legislation to authorize
40	Lifetime and Retirement Savings Accounts.
41	BE IT FURTHER RESOLVED that copies of this resolution be
42	transmitted to the members of the Congressional Delegation of
43	the State of Florida.

CODING: Words stricken are deletions; words underlined are additions.